Saudi telco Atheeb sells Riyadh real estate for $43 mln

DUBAI, June 30 Mon Jun 30, 2014 2:02am EDT

DUBAI, June 30 (Reuters) - Saudi Arabia's Etihad Atheeb has sold land and property in the kingdom's capital Riyadh for 160 million riyals ($42.7 million), the fixed line telecommunications operator said on Monday.

Loss-making Atheeb, which uses the brand name Go, sold a building and two plots of land to an unidentified buyer, according to a company filing to Riyadh's bourse.

These assets had a book value of 60 million riyals, giving Atheeb a gain of 100 million riyals, which will be reflected in its first-quarter results, the statement said. Atheeb's financial year starts on April 1.

The company made a net loss of 249 million riyals in the 12 months to March 31.

($1 = 3.7503 Saudi Riyals) (Reporting by Matt Smith; Editing by Andrew Torchia)

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